Multi-Tenant Flex
For Sale
Contact for pricing
500-544 Butte Street, Bakersfield, CA 93305
Two-building industrial property combines occupied suites with additional space available for owner occupancy or leasing.
Property Size15,895 SF
Lot Size2.94 Acres
Price / SF$135.26
Days on Market64
Property Features for 500-544 Butte Street
General Information
Standard status
Active
Size
15,895 SF
Lot size
2.94 Acres
Property subtype
Industrial
Zoning
Light Industrial (M-1), Medium Industrial (M-2)
Net Operating Income
$100,069
Additional Details
Fenced Yard
Yes
Building Details
Buildings
9
Units
12
Tenancy
Multi
Owner Occupied
No
Listing Agency:
ASU Commercial
(661) 885-6949
Listed By:
Wesley Mcdonald · License #CA
Source:
Crexi
Added: Jun 29
Changed: Aug 30
Last Checked: Aug 30 at 5:28PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of ASU Commercial
Investment Insights
Based on property information with market context.
This flex property comprises two multi-tenant buildings with a combined 14,520 square feet. The 500–528 Butte Street building contains 7,680 square feet, including 4,616 square feet of office improvements, and is divided into eight suites with five current tenants. The 532–544 Butte Street building totals 6,840 square feet, including 1,564 square feet of office improvements, across four suites and will be delivered vacant. Its evaporative coolers have been replaced since 2018, providing updated cooling equipment for the incoming occupant or future suite users.
Seven additional structures contribute 15,895 square feet of building improvements, along with 6,040 square feet of canopy improvements and 2,275 square feet of covered carport improvements. The 2.94-acre property is zoned M-1 (Light Industrial) and M-2 (Medium Industrial). Site features include an asphalt-paved yard, rolling gates with two ingress/egress points, six-foot chain-link perimeter fencing with privacy screening, and perimeter and interior lighting. The property is adjacent to the Kern County Human Services office and a residential facility under construction for Open Door Network.
Seven additional structures contribute 15,895 square feet of building improvements, along with 6,040 square feet of canopy improvements and 2,275 square feet of covered carport improvements. The 2.94-acre property is zoned M-1 (Light Industrial) and M-2 (Medium Industrial). Site features include an asphalt-paved yard, rolling gates with two ingress/egress points, six-foot chain-link perimeter fencing with privacy screening, and perimeter and interior lighting. The property is adjacent to the Kern County Human Services office and a residential facility under construction for Open Door Network.
Key Highlights
- Two‑building flex property totals 14,520 square feet, including office and warehouse improvements
- 500–528 Butte Street offers 7,680 square feet, eight suites, and five current tenants
- 532–544 Butte Street includes 6,840 square feet across four suites and will be delivered vacant
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$197,068
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.17%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,941,360
$3.9M
Cap Rate 7%
$2,815,257
$2.8M
Cap Rate 9%
$2,189,644
$2.2M
Market Conditions
NOI Build-Up for 15,895 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$248.0K $15.60/SF
− Vacancy
−$16.1K −$1.01/SF
EGI
$231.8K $14.59/SF
− OpEx
−$34.8K −$2.19/SF
NOI
$197.1K $12.40/SF
Area
Bakersfield, CA
Vacancy
6.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,941,360
Cap Rate 7%
$2,815,257
Cap Rate 9%
$2,189,644
Alternative Uses
Best Use
Office B
$3.00M
$2.63M – $3.50M
NOI $210,291 @ 7.0% cap · market cap 9.78%
Second Best
Warehouse
$2.82M
$2.46M – $3.28M
NOI $197,068 @ 7.0% cap · market cap 9.17%
Theoretical Best
Office A
$4.22M
$3.69M – $4.92M
NOI $295,266 @ 7.0% cap · market cap 13.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,065
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 93305, CA
38,392
Population
11,824
Households
3.2
Avg Household Size
29
Median Age
9%
College-Educated
64%
High-School Grad
5.8 sq mi
ZIP Area
6,619
Density / Sq Mi
$41,290
Median Household Income
$27,936
Median Earnings
$1,065
Median Rent
$245,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two-building industrial property combines occupied suites with additional space available for owner occupancy or leasing.
Where is this flex space located?
The property is located at 500-544 Butte Street Bakersfield, CA.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Two‑building flex property totals 14,520 square feet, including office and warehouse improvements; 500–528 Butte Street offers 7,680 square feet, eight suites, and five current tenants; 532–544 Butte Street includes 6,840 square feet across four suites and will be delivered vacant
